Final answer:
The correct answer is 'Program', which refers to the management of a group of related projects in a coordinated manner to achieve benefits not possible if managed separately.
Step-by-step explanation:
A program is defined as "a group of related projects managed in a coordinated way to obtain benefits and control not available from managing them individually." In project management, this concept is crucial as it allows organizations to align multiple projects towards a common goal or strategy. By managing these projects collectively, the organization can ensure more effective resource utilization, risk management, and achievement of strategic objectives.